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Looking for the upward entries around 103.78 and 103.55

18 October 2016, USD/JPY

Daily chart: for several days in a row we have been observing: consolidation in the form of the inside bars and growth of the upper Bollinger band along with enhanced activity of ADX. It proves advantages of bull. If the upper Bollinger band (105.15) is broken, the way to 106.74 will be open.

Looking for the upward entries around 103.78 and 103.55

Н4: a better shaped flat 103.55-104.46 (Bollinger envelopes). The structure is rising in general.

Looking for the upward entries around 103.78 and 103.55

Н1: two possible local support lines, from which buyers can once again begin to act: 103.78 and 103.55. Resistance lines are enough: 104.04, 104.30, 104.46

Looking for the upward entries around 103.78 and 103.55

The main scenario - touch of 103.78 and start of upward movement to 104.30, 104.46

The alternative scenario - a deeper correction to 103.55 and then start of upward movement to 104.30 and 104.46

Solutions: Look for the upward entries around 103.78 and 103.55

Aleksey Panasenko
FreshForex Analyst
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